Archer Limited: Archer signs agreement to sell US Frac Valve Business
Hamilton, Bermuda (August 31, 2018) Archer Limited (OSE: Archer) has entered into a definitive agreement to sell AWC Frac Valves ("AWC") to a US based private equity fund for a consideration of USD 30 million on a debt- and cash-free basis. Archer can in addition receive an earn-out of up to USD 5 million based on full year 2018 results. The final purchase price will be subject to certain post-closing adjustments. AWC, headquartered in Conroe, Texas, is a leading manufacturer and service provider of premium frac valves. The company has over the last two years managed an impressive